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PiC Entertainment
PiC Entertainment, LLC (pronounced "peek") (formerly PiC Enterprises plc, PiC Entertainment plc and PiC Entertainment Limited) is an American entertainment company formed from the merger of PiC Entertainment Group, Inc. (formerly PiC Communications, Inc.) and Majesty Entertainment plc. The company is known for its animations and, as of 1998, its film productions and video games. In March 2013, Microsoft Corporation acquired PiC Entertainment for $800 billion. It has been a limited liability company (LLC) since then. For financial reporting purposes, PiC is reported as primarily a part of Microsoft's Studio Entertainment or Consumer Products segments. Headquartered in Chicago, PiC Entertainment is one of the world’s largest independent children, youth and young-adult’s entertainment companies with ownership and licensing rights to some of the most recognizable original content. History PiC Entertainment Group Paramount International Communications was spun off as an independent venture in 1989 by Paramount Communications (now Viacom) due to high industry costs. The company was renamed to PiC Communications, Inc. PiC released its first animated short film Red The Ball, in 1991. Red The Ball received an Academy Award nomination for Best Animated Short Film in 1992. In May 1995, The company was renamed PiC Entertainment Group, Inc. (A.K.A PiC or PEG) to reflect the company's expansion into producing television shows and theatrical films. Going Public and expansion Bankruptcy Mary Parent fought to take control of the company from Windshill, finally becoming PiC's chairman on June 20, 2000. Bankruptcy proceedings continued with multi-way arguments among Windshill, Parent, Majesty and the banks. Majesty owners Ike Rasputin and Jeff Bewkes, with the banks on their side, snatched Marvel from Perelman and Icahn, in order to protect their own financial interests. Retailer and columnist Chuck Rozanski estimated that Windshill made $200 to $400 million from PiC while Forbes magazine believes he made nothing; and the judge in the PiC bankruptcy trial estimated that Windshill made $280 million plus various tax advantages. The judge ousted Parent as PiC's chairman in December 1999, naming a trustee to run Marvel while discussion continued between the various factions. In June 2000, PiC formed its PiC Enterprise division, headed by president and CEO Scott Lewis, to manage its trading card and sticker businesses. A lawsuit by bond holders and PiC's litigation trustees was filed in 1997, accusing Windshill and other PiC Board Directors of diverting $553.5 million in proceeds from 1993 and 1994 notes to other MacAndrews & Forbes Holdings' companies, prior to PiC's 1996 bankruptcy. The lawsuit asked for $470.8 million in damages. The appellate court ruled that, “None of the proceeds went to PiC, or were used for PiC’s benefit”, but instead improperly enriched the directors. While denying any wrongdoing, Windshill agreed in August 1999 to settle for $80 million, which the trustees accepted. The settlement fund, after paying off trustees' and legal fees, administrative expenses and a $2 million loan, had $50 million to distribute to some PiC Entertainment Group shareholders and unsecured creditors. PiC Enterprises Majesty Entertainment and PiC Entertainment Group were merged into PiC Enterprises to bring it out of bankruptcy in June 2001. As part of this merger plan, Fleeter and Stanford would be auctioned off separately. PiC Enterprises organized itself into three major units, PiC Television Group, PiC Interactive and PiC Entertainment Japan, while in November 1999 adding PiC Characters Group to manage PiC's IP and oversee marketing. PiC Entertainment In August 2005, PiC Enterprises changed its name to PiC Entertainment to reflect the corporation's expansion into financing its own movie slate. Microsoft subsidiary On October 22, 2011, Microsoft announced a deal to acquire PiC Entertainment for $800 billion, with Microsoft shareholders to receive $60 and about 745 Microsoft shares for each share of PiC they own. Prior to the PiC-Microsoft merger, PiC was considering Hasbro, Viacom, Sony, Samsung, MGA Entertainment, DHX Media, Classic Media (now DreamWorks Classics) and Reliance Entertainment for 100% ownership. The voting occurred on March 28, 2012 and the merger was approved. The acquisition of PiC was finalized hours after the shareholder vote, therefore giving Microsoft full ownership of PiC Entertainment. The company ceased to exist as an independent entity, due to the closing of the deal. On April 2, 2012, shortly after the PiC-Microsoft merger, PiC's interactive unit was absorbed into Microsoft's main video game production unit, Microsoft Studios. Due to this, PiC-oriented video games are now developed by Microsoft Studios. Microsoft will not be a publisher on those games, but a developer. On May 14, 2012, it was announced that Sapphire Salford, one of PiC's television production arms, would be folded into the main television production unit of PiC, after the label suffered massive layoffs, losing about 87 employees. On August 23, 2012, PiC unveiled a new logo for the company, as a part of Microsoft's 2012 rebrand. On June 20, 2014, it was announced that 9 Story Entertainment would be acquired by PiC Entertainment. On July 16, 2014, the deal was completed, and the company was completely folded into PiC Entertainment. Filmography Feature Films Released Films Upcoming Films Short Films Television Series PiC Entertainment Television Division Sapphire Productions Salford Communications Sapphire Salford Protocol Entertainment 9 Story Entertainment Theme Park Attractions Trivia *PiC was formerly short for Paramount International Communications. See Also Category:Real World Category:Companies Category:PiC Entertainment Category:PiC Wiki